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Active managment – Going beyond the index

The debate over the merits of active and passive investing has been going on for some time. Ivy believes investors can derive the most long-term benefit through exposure to well-researched actively managed funds.

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Market volatility can be unsettling, but history shows that prices have returned to less volatile patterns over time. That can be good news for long-term investors.

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Ivy Investments

We stand for a legacy of expertise, focused on delivering strong, long-term results. Our name reflects our progressive product offerings and growing global presence as we continue to adapt to the needs of investors.

Fund Detail

Ivy Government Money Market Fund

Fund Summary

Overview

The Fund seeks to achieve its objective by investing under normal circumstances, at least 99.5% of its total assets in: (1) debt securities issued or guaranteed by the U.S. government or certain U.S. government agencies or instrumentalities (government securities), (2) repurchase agreements that are fully collateralized by cash and/or government securities, and/or (3) cash. The Fund seeks, as well, to maintain a net asset value (NAV) of $1.00 per share. Table View

Portfolio Management

Mira Stevovich, CFA

— Ivy Investment Management Company

— 20 Years with Fund

— 33 Years in Industry

Mira Stevovich has been portfolio manager of Ivy Government Money Market Fund since 2000, of Ivy Cash Management since 2018 and of Ivy VIP Government Money Market since 1998. She had managed the former Waddell & Reed Advisors Cash Management from 1998 to 2018. Ms. Stevovich joined the organization in 1987 as an investment grade money market credit analyst. Her responsibilities as an analyst included investing mutual fund cash reserves and short term investing of institutional accounts. She was named assistant portfolio manager in 1989 and portfolio manager in 1997. She was appointed assistant vice president in 1997 and vice president in 1999. Ms. Stevovich graduated with a BA in German and European studies from Colorado Women’s College in 1975. She earned both an MA in Soviet and East European area studies in 1980, and an MBA with an emphasis in Finance in 1987 from the University of Kansas. She also studied at the University of Belgrade, Yugoslavia on a Fulbright-Hays Grant. Ms. Stevovich is a CFA charterholder. She is a member of the CFA Institute and the CFA Society of Kansas City

Fund Performance

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

Performance at NAV does not include the effect of sales charges, if it had, performance shown would be lower. Class B shares, including sales charge, reflects the applicable contingent deferred sales charge (CDSC), which declines from 5% at the time of purchase to zero at the beginning of the seventh year.

Monthly Rates of Return
Average Annual Total Returns as of 5/31/2020

(Returns for periods of less than 1-yr are not annualized)

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

0.38%

0.33%

0.20%

0.27%

0.93%

Quarterly Rates of Return
Average Annual Total Returns as of 3/31/2020

(Returns for periods of less than 1-yr are not annualized)

1YR

3YR

5YR

10YR

LIFE

Fund at NAV

0.50%

0.33%

0.20%

0.29%

0.94%

Annualized 7-Day Yield
as of 6/5/2020

NAV

0.01%

With Sales Charge

-1.03%

Expense Ratios
as of 7/31/2019

Net

1.70%

Gross

1.70%

Fund Distributions

Historical Prices
Inception 6/30/2000

Select Year & Month

Date

Price

Dividend Reinvest Date

Capital Gain Reinvest Date

Historical Distributions
Inception 6/30/2000

Select Year Range

Ex-date

Income

Capital Gains

Reinvest Gains

Payment Date

*Special Dividend
The table includes the daily prices at NAV (net asset value) for the history of this
fund's selected share class. NAV is the amount per share you would receive if you
sold shares that day.

Fund Documents

Top 10 Holdings
as a % of net assets as
of 5/31/2020

U.S. International Development Finance Corp. (GTD by U.S. Government) (3-Month U.S. TB Rate), 0.7%, 6/3/2020

Additional Fund Literature

Financial Advisors may login to view fund's additional documents.

Data quoted is past performance and current performance may be lower or higher. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, and shares, when redeemed, may be worth more or less than their original cost.

You could lose money by investing in the Ivy Government Money Market fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Risk Factors: A rise in interest rates may cause a decline in the value of the Fund's securities, especially securities with longer maturities. Typically, the longer the maturity or duration of a debt security, the greater the effect a change in interest rates could have on the security's price. Thus, the sensitivity of the Fund's debt securities to interest rate risk will increase with any increase in the duration of those securities. A decline in interest rates may cause the Fund to experience a decline in its income. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease. These and other risks are more fully described in the Fund’s prospectus. Not all funds or fund classes may be offered at all broker/dealers.

Performance results for some funds may include the effect of expense reduction arrangements. If those arrangements had not been in place, the performance results would have been lower.

Prior to October 14, 2016, the Ivy Government Money Market Fund was known as the Ivy Money Market Fund. Effective October 14, 2016, the Fund changed its name and investment strategy to reflect that it is classified as a “government money market fund.” Performance prior to October 14, 2016 reflects the Fund’s former investment strategy as a prime money market fund, which permitted investments in certain types of securities that, as a government money market fund, the Fund is no longer permitted to hold.

Daily Net Shareholder Flows: Shows daily net shareholder flows (inflows minus outflows) over the last six months for the fund.

Daily Liquid Assets: Regulations require that a money market mutual fund hold at least 10% of its total assets in daily liquid assets that can be readily converted to cash in one business day. The graph shows the percentage of daily liquid assets over the last six months for the fund.

Weekly Liquid Assets: Regulations require that a money market mutual fund hold at least 30% of its total assets in weekly liquid assets that can be readily converted to cash in five business days. The graph shows the percentage of weekly liquid assets over the last six months for the fund.

Six Month Historical Shadow NAV - Daily: Money market funds that transact at a stable price are required by the Securities and Exchange Commission (SEC) to report instances on Form N-CR when the Fund’s current NAV per share deviates downward from its intended stable price of $1.00 by more than ¼ of 1 percent, $0.9975. The red line in the chart shows where a report would be required, compared with the historical NAV per share of the fund.

Fee Waiver and/or Expense Reimbursement: Pursuant to an agreement between Ivy Investment Management Company (IICO) and Ivy Variable Insurance Portfolios (the Trust), IICO has voluntarily agreed to waive and/or reimburse sufficient expenses of Ivy VIP Government Money Market to the extent necessary to maintain a yield of not less than zero. There is no guarantee that Ivy VIP Government Money Market will maintain such a yield. IICO may amend or terminate this voluntary waiver and/or reimbursement at any time without prior notice to shareholders.

Pricing: All prices and year-to-date returns are based on closing quotes unless noted, as supplied to the NASDAQ by 6:00 p.m. Eastern time. YTD Prices can be updated 3 to 4 hours after the Daily Pricing information which can result in mismatching data.

Style Analysis: The Morningstar Style Box reveals a fund's investment style. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information, Morningstar instructs fund companies to only use ratings that have been assigned by the following Nationally Recognized Statistical Rating Organizations (NRSROs): Moody's, Standard & Poor's, Fitch, and Egan-Jones. If two NRSROs have rated a security, fund companies are to report the lowest rating; if three or more NRSROs have rated the same security differently, fund companies are to report the rating that is in the middle. For example, if NRSRO X rates a security AA-, NRSRO Y rates the same security an A and NRSRO Z rates it a BBB+, the fund company should use the credit rating of 'A' in its reporting to Morningstar. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO rating on a fixed-income security can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.

7-Day Annualized Yield: represents past performance and future yields will vary. Principal is not guaranteed. The annualized 7-day yield is calculated based on the income generated by an investment in the fund over a seven-day period and is expressed as an annual percentage rate. The yield quotation more closely reflects the current earnings of the fund than the total return quotation.

Unsubsidized yields reflect what the yield would have been without the effect of reimbursements and waivers. The adviser and its affiliates have or may voluntarily waive a portion of their fees (including, but not limited to, distribution and service (12b-1) fees) and reimburse certain expenses. There is no guarantee that the fund will avoid a negative yield. Such undertaking may be amended or withdrawn at any time.

The financial products and services described in this website are offered only in the United States, Puerto Rico
and the U.S. Virgin Islands. Nothing in this website should be considered a solicitation to buy or an offer to sell such products
and services in any jurisdiction where the offer or solicitation would be unlawful under the laws of such jurisdiction.

IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS® are managed by Ivy Investment Management Company and are distributed by Ivy Distributors, Inc., InvestEd℠ Portfolios are managed by Ivy Investment Management Company and are distributed by Waddell & Reed, Inc. These financial products are offered by prospectus only. Waddell & Reed Financial, Inc. is the ultimate parent company of Ivy Distributors, Inc. and Waddell & Reed, Inc.

Before investing, investors should consider carefully the investment objectives, risks, charges and expenses of a mutual fund or portfolio.
This and other important information is contained in the prospectus and summary prospectus, which may be obtained here or from a financial professional.
Read it carefully before investing.

IVY INVESTMENTS℠ refers to the investment management and investment advisory services offered by Ivy Investment Management Company, the financial services offered by Ivy Distributors, Inc., a FINRA member broker dealer and the distributor of IVY FUNDS® mutual funds and IVY VARIABLE INSURANCE PORTFOLIOS®, and the financial services offered by their affiliates.